All eyes on 19000 mark, which is not far away from here. Today due to short covering, indices gonna a mad from 3 pm onwards and made new ATH. Nifty scalled a new pick of 18816 on straight seventh-day. The index cleared its resistance of 18,750 and hit 18,800 in an intraday trade. All eyes are on 19,000 mark. Momentum indicator the Relative Strength Index (RSI) is trading well above the 60 mark, while moving average convergence and divergence (MACD) was trending upwards, with support at 18,600-18,500 levels. Option chain indicates heavy call writing at 19000 & this would be a strong resistance psychological. Max put writing stands at 18500-18000..so far range can be 18500-19000 for coming sessions. India vix was stagnant at 13-14...
It formed a bullish candle on daily chart with bullish signal. But at higher level, profit booking will drag the market moderatly down... Or sideways.
So far bank nifty is concerned, it's moving slowly with cautious note. Trend is absolutely bullish but profit booking is must. Except Psu bank sector, all sectorial indices were higher..
The beauty of the rally is that the market is finding support from new sectors every day. In the second half of 2022, there is a clear trend of outperformance of Indian equity markets. All most all sectors are at higher levels, indicating some pause at around 19000 mark..actually intraday structure is slightly over baught..
Be careful at higher level but no drastic fall expected as of now. 💐